Even as the conflict in Ukraine persists to frighten relations international between Russia and even the West. Unnamed sources recent reports reveal that the value of Russian assets frozen in Switzerland have jumped by almost $2 billion in a single year. These assets now total over $8 billion due to sanctions enacted following Russia’s invasion of Ukraine, including military action. Even as the fortunes of war continued to shift, the United States has been increasingly vocal of its aggravation with the Kremlin’s unwillingness to enter into serious negotiations.
Since the war started, Switzerland has strongly backed EU sanctions. Only four days after Putin’s invasion, it frozen a monumental $300 billion in Russian assets. The Swiss federal government has taken a historic step. They have truly chained down over $8 billion, inflicting debilitating stress on the Russian economic system. Combined with previous pledges, this figure marks a significant and continuing effort by Western countries to make Russia pay for its aggression.
James Hewitt is senior director for the US National Security Council. He was very direct in articulating US officials’ frustration that Russia has been allowed to dictate the terms of diplomacy.
“There is a deep frustration with the Russian government over negotiations. President Trump was clear he will consider imposing secondary sanctions on all oil coming out of Russia if they are not serious about bringing this conflict to a peaceful resolution.” – James Hewitt
Those demands go beyond just calling for the war to end. It’s a bipartisan effort that is yielding positive results in the US Congress. Republicans and Democrats alike are coming together to push through new legislation that would shore up existing sanctions against Russia. But now, impressively, half of the US Senate has followed suit, with 25 Republicans and 25 Democrats having signed on. This initial set of sanctions would be triggers if Russia failed to negotiate in good faith with Ukraine and comply with any peace agreement reached in negotiations.
Senators Lindsey Graham and Richard Blumenthal are championing a new piece of legislation. This bill would put in place sweeping new tariffs on any country that continues to purchase Russian oil, gas, uranium and other commodities.
“The sanctions against Russia require tariffs on countries who purchase Russian oil, gas, uranium and other products. They are hard hitting for a reason.” – Lindsey Graham and Richard Blumenthal
In parallel with these legislative efforts, Ukraine plans to hold critical discussions on Friday with a select group of foreign nations. These discussions will look at what political, legal and military forces can offer mutual security guarantees to Ukraine. They draw attention to an immediate need for international assistance especially as hostilities still rage on.
Britain and France are both making important moves in putting together that “coalition of the willing.” This launch is one of many that are all geared toward building more unified support for Ukraine. This initiative seeks to bring together all Ukrainian allies—including governments and civil society—to strengthen and build upon the collective response to Russian aggression and restore commitments to peace.
British Home Office has introduced new legislation. Moving forward, foreign agents in the UK who interact with the Russian government will need to declare their work by July 1 or face harsh repercussions, such as imprisonment for up to 30 years. Home Office Minister Dan Jarvis highlighted that engagement with Russian state military institutions is included in this obligation.
The reality on the ground, especially from the side of Ukrainian civil society, is much more complex. According to Agence France-Presse, Russia’s military advancement has slowed for the fourth consecutive month, suggesting growing challenges for the Kremlin’s forces. High-level officials in the White House and State Department have spotted a key alarming trend. As we write, President Vladimir Putin is doubling down on his opposition to peace.
Kaja Kallas, a leading EU diplomat, condemned Russia’s approach to negotiations, stating that they are “playing games and not really wanting peace.” This feeling is emblematic of a deeper frustration among Western leaders on the failure of diplomatic efforts.
As these developments unfold, it remains crucial for nations involved to address both immediate humanitarian needs and long-term geopolitical stability. The balance of power is shifting in confusing and contradictory ways. The international community should work proactively in this new landscape to help lay the groundwork for a sustainable peace.